3M slashes life insurance payouts for retirees

Jun 22, 2019

  1. Northeast Agent

    Northeast Agent Guru

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    3M slashes life insurance payouts for retirees – Twin Cities

    Guess this is the new normal... They are pulling a "Sears." Don't trust these companies. Be sure to have your own life insurance.

    A letter shared with the Pioneer Press said the maximum life insurance payout would fall to $8,000 from $15,000 on Aug. 1. The change affects about 28,000 retirees, a company spokeswoman said.

    Donna Flemming Runyon, a 3M spokeswoman, said the life insurance plan will also close to new retirees on Aug. 1.

    In April, CEO Michael Roman said the Maplewood-based company had “a disappointing start to the year” and would look for ways to “drive productivity, reduce costs, and increase cash flow.”

    The poor first quarter showing led to the company’s stock having what Bloomberg described as the “worst one-day rout in three decades.”